Huawei 2013 Annual Report Download - page 38
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37
Management Discussion and Analysis
Results of Operations
CNY Million 2013 2012 YOY (%)
Restated
Revenue 239,025 220,198 8.5%
Gross profit 98,020 87,686 11.8%
– Gross margin 41.0% 39.8% 1.2%
Total operating expenses and other income 68,892 67,028 2.8%
– as % of revenue 28.8% 30.4% (1.6%)
Operating profit 29,128 20,658 41.0%
– Operating margin 12.2% 9.4% 2.8%
Net finance expenses 3,942 2,039 93.3%
Income tax expenses 4,159 2,758 50.8%
Net profit 21,003 15,624 34.4%
Sales revenue in 2013 amounted to CNY239,025 million, which represents an increase of 8.5%
year-on-year. Net profit grew by 34.4% year-on-year to CNY21,003 million. The improvement in
profitability is mainly attributed to internal continuous management transformations that reduced
operational costs. Thanks to the rising proportion of the enterprise business as well as improved profits
from the consumer business, gross margin increased by 1.2% year-on-year.